The Goods and Services Tax (GST) Council in its 31st meeting on Saturday reduced the tax rates of 17 items and six services, including computer monitors, TV screens, video games, lithium-ion power banks, retreaded tyres, wheelchairs and cinema tickets.

The Central GST Act provides for creation of a Consumer Welfare Fund wherein undue benefits made by businesses under the GST law have to be deposited, in case it cannot be passed on to the identified recipient.

The Centre has directed state metrology controllers to assist GST officers to cross-verify revised sales price (MRP) of pre -packaged commodities and consumer authorities will undertake a drive to check labelling.

The NAA gave its ruling in a case against Jaipur-based Sharma Trading Company, wherein it was alleged that the supplier had not reduced the price of 'Vaseline' in line with the reduction of GST rate and thus indulged in profiteering in contravention of Scetion 171 of CGST Act.

"Today, the 28 per cent category is being phased out. Bulk of these items remaining in this category are only luxury items or sin goods. The other items outside the luxury-sin goods category are cement, air-conditioners, large screen televisions and a handful of others," Jaitley said.